Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports. The price action of the top three cryptocurrencies could face downside risk as bears regain control of momentum.
Bitcoin could extend the fall if it closes below the lower consolidation boundary
Bitcoin price has been consolidating in a range between $65,729 and $71,746 since February 7. BTC declined 2% so far this week and, as of Wednesday, is trading below $68,000, approaching the lower consolidation boundary.
If BTC closes below the lower consolidation level at $65,729, it could extend the decline toward the key support level at $60,000.
The Relative Strength Index (RSI) on the daily chart reads 34, below the neutral level of 50 and pointing downward toward the oversold levels, indicating bearish momentum gaining traction. However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, which remains in place, suggesting that upside bias has not been invalidated yet.
On the other hand, if BTC breaks above the upper consolidation range at $71,746, it could extend the recovery toward the daily resistance at $73,072.
Ethereum declines after revisiting its key resistance zone
Ethereum price was rejected near the upper consolidation range at $2,149 on Sunday and declined by 5.75% that day. ETH has been hovering around the $2,000 level for the past two days and, as of Wednesday, remains there.
If ETH experiences a correction, it could extend to the lower consolidation range at $1,747.
Like Bitcoin, Ethereum’s RSI shows bearish momentum gaining traction. At the same time, the MACD indicator printed a bullish crossover on Saturday that remains intact, suggesting the broader upside bias has not yet been invalidated.
However, if ETH closes above the upper consolidation range at $2,149, it could extend the recovery toward the next key resistance at $2,400.
XRP finds support around the lower trendline boundary
XRP broke above the lower trendline boundary of a falling wedge on Saturday and declined slightly the next day, finding support around it. XRP has stabilized around this trendline so far this week. As of Wednesday, XRP trades at $1.47.
If XRP slips and closes below the lower trendline, it could extend the decline toward the weekly support at $1.30.
Like Bitcoin and Ethereum, XRP’s momentum indicators remain conflicted, with RSI pointing to building bearish pressure while the MACD continues to signal underlying bullish momentum.
Conversely, if the lower trendline boundary holds as support, it could extend the recovery toward the 50-day Exponential Moving Average (EMA) at $1.71.